Nepal’s Oldest Insurer Improves Net Profit in Q2 of Current FY

Kathmandu: The net profit of Nepal Insurance Company has increased by 47 percent during the second quarter of the current financial year(FY) 2079-80. The company has earned a profit of Rs. 150.32 million against Rs. 103.8 million profits during the same period of last FY.

The net insurance premium income of the insurer decreased by 10 percent to Rs 391.9 million. Similarly, there is little improvement in the total insurance premium income. The total insurance premium income reached Rs. 793.6 million.

Although the net insurance premium income has decreased, the claim payment has increased in the Q2 of FY7980. A total of Rs. 114.8 million has been paid against the claim. The company still has a total of Rs. 988.5 million outstanding claims against Rs. 1.32 billion of same period of last FY 7879.

The insurer has a total of Rs. 477.7 million in its reserve fund.

Nepal Insurance marked its 75 anniversary this year. It is the oldest insurer in Nepal.IME group is one of the major promoters behind Nepal Insurance.

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